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September 20, 2021

TD Bank to buy Chrysler Financial for USD 6.3 bln

Toronto-Dominion Bank Group (TD Bank Group) said Tuesday that it is buying Chrysler Financial from private-equity group Cerberus for USD 6.3 billion in cash, marking the second large acquisition of a U.S. financial-services firm by a Canadian bank in a week, according to marketwatch.com. As the Canadian dollar trades near its highest level in years and U.S. financial firms continue to suffer the effects of the recent financial and economic crises, Canadian banks are flexing their muscles south of the border, and the trend is expected to continue. Canadian banks weathered the global financial meltdown better than their U.S. and European counterparts.

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